F2Pool co-founder Wang Chun attributed Zcash’s surge to a narrative-driven short squeeze rather than genuine fundamental improvement. ZEC hit approximately $1,130 on September 8, 2026, gaining over 2,300% year-over-year with $3.18 billion in 24-hour trading volume. Grayscale’s conversion of its Zcash Trust into a U.S.-listed spot ETF in August 2026 served as the primary catalyst for the rally. Chun noted that Zcash’s market cap at these levels becomes comparable to networks like Solana and Hyperliquid despite a lack of organic growth metrics in active shielded addresses, daily transactions, or developer activity. He also flagged persistent structural issues including the founder rewards mechanism, the Electric Coin Company’s departure in January 2026, and an Orchard shielded pool vulnerability disclosed in May 2026.
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